ne portland market update

October Market Update

November 17, 2020 by Jessica Berger and Tekela Fisher Leave a Comment

October 2020 has been one of the busiest months to date for the real estate industry. Typically we see things start to slow down, less listings, less pendings, and less buyers out in the market. The numbers show that this year, that is not the case.

Compared to last year we have 14% more homes on the market and 21% more closings. So while we are seeing new homes come onto the market in higher than average numbers, we are still not able to keep up with the demand. As a seller this means that if you are priced appropriately, your home will sell very quickly. As a buyer this means that we will likely be competing with other buyers and will need to be aggressive.

This low demand is causing home prices to continue to climb as well. We are up to an average price of $516,000 for the Portland Metro which is 1.2% increase from last month and a 12% increase from last year. We expect this trend to continue through this year and into the spring of next year. So if you are on the fence about buying, I would recommend getting into the market soon!

Both inventory and time on market remained the same as last month. 38 days seems like a high number when you compare it to what we are seeing in most neighborhoods. Many homes are going pending in 2-4 days. When we look further into the data we can see that both condo sales and luxury homes, which take longer to sell, are skewing that number up.

Want to see what is available across all of the Portland Metro? You can do so HERE! If you would prefer a specific search in an area of your choice, fill out the form below and we will get that set up for you!

February 2020 Market Stats

March 17, 2020 by Jessica Berger and Tekela Fisher Leave a Comment

Real estate by the numbers is out for the past month! The quick and dirty version of the February market is that inventory is still low keeping us in a seller’s market. Homes are appreciating by 5-7% over last year but dropped slightly compared to last month. And we are seeing many new listings as we get ready for the busy spring market. Read on below if you want details about your side of the river and the general market health.

Portland Metro

Looking at the numbers now just confirms what we were talking to our clients about last month. We saw more houses coming onto the market as seller’s were trying to get ahead of the spring rush. This push of listings also gave us more pending homes and therefore more sold homes. There are a lot of buyers out in the market and even though the inventory is climbing up, we are still seeing multiple offers on most close-in locations.

Many of us, myself included, expected to see more of a plateau in terms of appreciation, after the huge price jumps in 2017 and 2018. 2019 did see quite a bit of slowing, but so far this year the average sales price is up 5% over last year across the metro area. 4-6% appreciation is considered a steady and healthy market, so we should expect to see these numbers hold for at least a year or 2.

Selling

If you are considering selling your home now is an excellent time to get into the market. May-July are historically our busiest months for new listings, so if you want to take advantage of the huge buyer pool ahead of your competition, April could be the perfect month to list your home. Timing is always a personal choice, but you will likely net more money listing in the spring than early summer. If you want an individual valuation, reach out to us and we can discuss details. You can also get an instant home value by clicking here.

Buying

If you are thinking about buying, these numbers may seem a bit intimidating to you, but know there will be many more homes coming on the market very soon. With interest rates being historically low, even if you do end up competing on a home, chances are you are still getting a great deal. You also never know when the perfect home is going to come on the market, so if you are thinking of looking, it doesn’t hurt to start now to see what is out there. You can search all the homes in the area HERE.

East Portland

Overall the Eastside performed better than rest of the city in February. NE Portland saw the biggest jump in average home price, 2.5% since the beginning of the year, this is primarily due to some luxury listings closing. SE Portland continues to have the most new listings and the most closings because of its sheer size, at 247 closings, it had almost as many as NE and N Portland combined. North Portland is still one of the most affordable places to buy a home, with an average sales price of $407K you can still find cute homes in the 300K range.

West Portland

The Westside did vary a bit compared to the rest of the city, this is the only area that we saw the average days on market go up. The days on market are always quite a bit longer on this side of the river due to the condo sales. The condo market slowed substantially last year and this skews all the other numbers towards the negative. West Portland has a significantly higher average home price which also has a smaller buyer pool and therefore takes longer to sell.

We hope this helps to breakdown the February market in the Portland area. If you have any specific questions about your neighborhood please send us a message! You can fill out the form below or reach out to us on Facebook. We are always happy to discuss how this specifically affects you and your home value.

December Market Stats

January 21, 2020 by Jessica Berger and Tekela Fisher 1 Comment

We finished out 2019 with a bang. Despite all the talk about an impending recession, the real estate market was barely affected. If you look back at the data historically, very few recessions do affect the housing market. This is good news for the Portland Metro! Here is a look at the December Market Stats.

Portland Metro December 2019 market stats

If we look back at the whole year, we only appreciated by 1.5%. This is a small number when we are used to seeing 10-15% appreciation, but as long as things are continuing to climb, we are in a good place. 2020 is expected to mimic 2019 very closely so while things may seem like they have halted, homes are still gaining value.

In December home sales took a little longer than they had the rest of the year. This happens every year with the holidays and seasonal slowing, but so far January has seemed to be much busier.

December also saw more listings come onto the market and more homes go pending. We did have less homes actually sell in December, but again, this is likely due to the holidays.

We also broke down the numbers for each of the quadrants if you want a closer look at your neighborhood numbers. Se Portland is still leading the way with the most closings every month. West Portland continues to be the most expensive area to buy a home, and N Portland is the most affordable.

If you have been on the fence about buying, now is a really good time to get into the market. You can get ahead of the bidding wars and spring selling frenzy while still taking advantage of the low interest rates.

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October Market Update